Word: gramley
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...latest oil shock. To help persuade Greenspan that it is time to budge, Treasury Secretary Nicholas Brady last week repeated Administration calls for cheaper borrowing costs. "Everybody wants lower interest rates," Brady said. "At this point in time in the U.S., economic growth is very important." Concurs Lyle Gramley, a former Federal Reserve governor who is chief economist for the Mortgage Bankers Association: "To refuse to ease interest rates now would be like deliberately choosing a recession to bring down inflation...
...could dampen the economy in the short run, many experts argue that a smaller deficit would reduce the danger of rising inflation and encourage the Federal Reserve to let interest rates fall. "I would have preferred to see the deficit attacked earlier, when + the economy was stronger," says Lyle Gramley, chief economist for the Mortgage Bankers Association and a former Federal Reserve governor. "But we ought to take the risk of doing what is needed for the long-run health of the economy...
...deficit, since spending cuts could aggravate the slowdown. Unfortunately, a decade of annual budget deficits of more than $100 billion has shifted the burden of controlling the economy almost completely to the Federal Reserve Board. "The problem is that we have only monetary policy to rely on," says Lyle Gramley, chief economist for the Mortgage Bankers Association and a former Fed governor. "It would be wonderful if we had a $100 billion budget surplus, so that we could have a small tax cut to stimulate the economy instead of having to rely on interest rates...
Rather than disavow the Budget Director's comments, Bush told a news conference on Tuesday that "I can feel very comfortable with his sallying forth and saying that." While Darman's critique was not directed at Greenspan personally, former Federal Reserve Governor Lyle Gramley thinks the ploy may backfire. Said he: "The Fed cannot be seen as knuckling under to pressure from the Administration...
...short-lived and will be followed by renewed growth, a scenario that has them searching for metaphors. David Hale, chief economist of Chicago's Kemper Financial Services, characterizes the slowdown as an "output pause." Geoffrey Moore, an economics professor at Columbia University, talks of a "stutter step." Economist Lyle Gramley, a former Fed governor, says that by late 1990 the slowdown may be followed by a period of "economic refreshment...